In
receiving the Aaa rating in its first-ever attempt, Goochland also becomes the
smallest county in the United States to be rated Aaa by Moody’s, as currently
no other county with a population under 75,000 is designated Aaa. By comparison, Goochland County’s current
population is approximately 23,000.
Ken
Peterson, Goochland County Board of Supervisors, John Budesky, County Administrator,
and Barbara Horlacher, Director of Financial Services, along with PFM, the
County’s financial advisor met with Moody’s analysts in October to tell
Goochland’s story. County officials highlighted Goochland’s strengths in
management and leadership, the local economy, planned growth, strategic planning,
and most importantly in financial management, including strength in the areas
of budgetary performance and financial flexibility and liquidity during the
meeting.
Ken
Peterson, Chairman of the Goochland County Board of Supervisors and representative
from District 5, shared, "We are very pleased that Moody’s has awarded its
highest rating to Goochland County. The Moody’s Aaa credit rating, along with our
existing S&P AAA credit rating, serves as further affirmation of the
County's financial health. Goochland will benefit from this rating in many
ways, including an enhanced ability to attract and retain businesses, improved
access to the capital markets on very favorable terms, and it will provide a
transparent metric for citizens to track the financial health of their County.”
Goochland
County initially received a credit rating of AAA from S&P in 2015, becoming
the smallest County in Virginia to receive that rating. Goochland County becomes the smallest county
in the United States to hold both a Aaa credit rating from Moody’s and a AAA
credit rating from Standard & Poor’s Rating Services (S&P).
According
to County Administrator John Budesky, “The citizens of Goochland are fortunate
to have a financially conservative Board of Supervisors, committed
constitutional officers, and excellent school partners that serve as
exceptional stewards of the taxpayers’ dollars, and who are committed to
maintaining and strengthening the county’s financial policies. Our strong
policies exemplify a commitment to excellence in financial management and our
planning positions us for future success.”
In
assigning the rating to Goochland County, Moody’s noted, “The Aaa long-term issuer rating reflects our assessment of
Goochland County's implicit general obligation credit strength and incorporates
a strong reserve and liquidity position that is strengthened by management's
adherence to well-developed fiscal policies, a growing tax base that is small
compared to similarly-rated counties nationwide, above-average resident income
levels, and manageable debt and pension burdens.”
“Goochland
County has been able to achieve Moody’s highest rating thanks to the leadership
of the Board of Supervisors, the hard work of Goochland County employees, and
the support of Goochland County citizens,” added Barbara Horlacher, Director of
Financial Services.
Moody’s
concludes its assessment stating, “The stable outlook reflects our expectation
that Goochland County's reserve and liquidity position will remain strong,
supported by formal fiscal policies, and that the favorable trajectory of the
local economy will continue to drive growth in taxable assessed values.”